- Technological advancements to lower costs of equipment and fuel adoption
SINGAPORE, Oct. 3, 2012 /PRNewswire/ -- Existing regulations in the construction industry have shaped the landscape of the fire and safety market in Southeast Asia. As countries across the region make amendments to these policies to address the safety and sustainability concerns in building construction, the fire and safety market is set to grow exponentially.
New analysis from Frost & Sullivan (http://www.buildingtechnologies.frost.com), Southeast Asia Fire and Safety Market, finds that the market earned revenues of over $342.7 million in 2011 and estimates this to reach $548.3 million in 2017.
Emerging economies in Southeast Asia, following the lead of their western counterparts, are placing greater demands on the building industry for better health and safety measures. This trend has driven research and development to make fire and safety technology more functional, easier to install and cost effective.
"The recovery of the construction market post-recession has boosted the adoption of fire and safety systems, especially in new construction projects," said Frost & Sullivan Research Associate Prashanth Kay. "Thailand, Malaysia and Singapore are the largest markets by revenue, but high growth is expected in Vietnam and Indonesia."
To fully tap the potential of the market, participants have to spread product awareness to break through end users' reluctance to invest in technologies that do not offer substantial returns. Cyclically, this preference for the most basic systems affects fire and safety companies' investments in value additions. However, with technological advances, prices will drop and so will customer inhibitions.
"Currently, adoption of fire and safety systems present no immediate benefits to building owners other than compliance with guidelines," explained Kay. "To encourage more enthusiastic uptake of these systems, authorities could provide incentives that reduce the financial impact on building owners."
Being capital intensive, the market is highly price sensitive, and competition is fierce among market participants. The biggest companies leverage their strong distribution network to minimize costs as well as provide timely service to stay ahead of the pack.
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SOURCE Frost & Sullivan